Post by penguingrrl on Feb 6, 2019 12:37:28 GMT -5
We did ours. We had changed our withholding by quite a bit (we qualify for 8 exemptions, went down to 0) knowing we would be hit hard by the SALT limit, and we were. We ended up with a small refund, but our taxes paid # was much higher than last year, Hs company just thankfully withheld enough.
Post by downtoearth on Feb 6, 2019 12:42:03 GMT -5
I noted yesterday (or the day before) that we are almost done with ours and got $4k back last year... no changes to income, home ownership, loans, health savings, retirement, etc - made $10k more this year than last is only difference. We are now getting back about $200. I have one additional item to check, but it's pretty much a $3,800 difference where we are paying more.
I'm not done yet, but with what I plugged in so far, which is mostly everything, we owe $4k more than last year. I'm making about $15K more than I did last year, but I paid, what I thought, were adequate taxes for the amount via payroll deductions. I'm not happy.
No major changes for us either and we owe more than usual. I put our info in TT about a week ago and we owe $1200. Last year we owed $265, no major changes. Own a home, one kid, standard deduction, $121k AGI. Thankfully, I put the extra $87/pay we got all last year into a separate savings account, assuming we’d owe it back because 45 and his people are fucking idiots.
Post by Velar Fricative on Feb 6, 2019 12:45:07 GMT -5
Yes. We had almost exactly the same taxable income between 2017 and 2018 (only a $90 difference), and our federal tax liability before eligible credits was almost exactly the same too ($50 difference), which shocked me because we live in NYC and thought the SALT cap would kill us. I think what ultimately helped is elimination of AMT since we were hit with that in 2017. The eligible credits we could get then reduced our overall federal tax liability by a few thousand so that yes, we're better off with this new tax law. However, we are not middle class and I'd give it back right now in exchange for a new president.
This kinda makes me want to play around with our withholdings to come out as even as possible, but I'm too afraid to play around with it since they did seem to take out exactly enough from our paychecks with us both putting 0 on our W-4s and having taxes with held as "Married but use single rate" (we could theoretically have less withheld knowing what credits we're eligible for come tax time).
We rent, not own so we're screwed there. That hasn't changed from the last few years though. I cannot believe how much we owe. This is with both of us doing single claiming zero at work.
I noted yesterday (or the day before) that we are almost done with ours and got $4k back last year... no changes to income, home ownership, loans, health savings, retirement, etc - made $10k more this year than last is only difference. We are now getting back about $200. I have one additional item to check, but it's pretty much a $3,800 difference where we are paying more.
You’re paying more or you also had less withheld throughout the year? You can’t compare just your refund. You need to look at total tax liability for the comparison to be meaningful. Here’s why (hypothetical):
If you just look at your refund, you would think you paid 5K more, when in fact you paid 5K less.
Yup, we are paying about $3500 more for tax liability than last year. So the $300 difference is based on a slight difference in withholding - we have a lot withheld from each of our checks. So we are paying more taxes.
Yes, we owe about $5k. Husband adjusted my with holdings but not his and he's the one who actually makes money. On the other hand, our backdoor Roth got fucked up last year and isn't easily fixable. So instead of having $5k of money to throw at house projects or vacation or something we'll use the money we were going to fund one of the Roths to pay taxes. We can still fund both of them, but not until August now.
No major changes for us. I was expecting to owe a few grand but dh had significantly overpaid SS due to having that taken out by more than one company so that kept us as the same level. I think we will owe a small amount next year, probably under $1k.
I sent everything off to our tax guy yesterday and I'm anxiously waiting to see what he comes back with.
H insisted on running the numbers through turbotax and HR block, which never calculates correctly for our situation (income from multiple states and schedule C) and it showed that we owe a $3500. I really hope that isn't right. I carried over a net loss on my schedule C from last year so hopefully that will reduce our liability.
they did seem to take out exactly enough from our paychecks with us both putting 0 on our W-4s and having taxes with held as "Married but use single rate"
We do this as well. We're getting back $2,100, more than half of which is a credit for my tuition last year.
We have always used the standard deduction. I thought we'd actually benefit a bit from the changes (though I still hate them) but I don't actually know how much our withholding amount changed.
Post by discogranny on Feb 6, 2019 13:32:14 GMT -5
I bought a Tesla this year, so with the $7500 tax credit I am assuming we won't owe. However, where I once hoped to get most of that back as a refund this year, I am not at all hopeful.
Im going to get fucked by the SALT cap. Im terrified of doing them. Ive gotten a big refund since getting divorced (though i adjusted in 2017 so it wasnt as big as 2016) so im hoping i just get nothing back instead of owing.
Not yet - they are in progress. We're waiting on a few more documents and are holding back because we're sure we will owe, just not sure how much due to sales of RSUs. We owed last year as well so it just depends on how much we will owe.
We did. Similiar stats as last year, husband got a 6k raise, and we got back around $700 more than last year. I’m not sure why we don’t owe like a lot of people, maybe lower overall income? Not sure.
Post by minionkevin on Feb 6, 2019 13:41:07 GMT -5
I did, but this year had a bunch of one-time crazy things happening so I wanted to get it out of the way ASAP. I had a new job with a pay increase and DH got a slight raise. We kept our withholding elections the same but this resulted in us actually withholding a lot less - $500 less than last year with a $15k increase in our W2 income. We will have to mess around with our withholding a bit more. I also had a large 1099 which about equaled my W2 income and paid $25k in estimates between the feds and state. I thought I massively overpaid the feds but I’m only getting back $4500 combined.
We have an appointment with the accountant in March. I have no idea how it will all go. It might be beneficial for us to have our business. But who knows? I just hope we don’t owe.
Our tax liability decreased by $2k. We didn’t adjust our withholdings and can’t itemize under the new rules, so I was surprised. I was really expecting us to owe.
We are getting back about $1500 less in Federal than last year. I am super glad we don't owe, but I think this may mean our tax obligation is higher? It's hard to say since we both switched jobs in July. We had both been listed as single before (we got married in 2017 and neither of us thought to update) and now we are both listed as married, so I am actually wondering if we should change back to the single rate or we may owe next year. I think withholding at a higher rate for the first half of 2018 probably helped us a lot. We also have never itemized so I think perhaps the changes didn't affect us as much as those who previously benefited from deductions.
I am very curious if these tax laws will stay as they are in the future. It seems so many people are being harmed by them. Granted I live in a bit of a bubble, but I have yet to hear of anyone who is thrilled about their big tax break this year. It seems to all be stories of people owing more than normal.
We are getting back about $1500 less in Federal than last year. I am super glad we don't owe, but I think this may mean our tax obligation is higher? It's hard to say since we both switched jobs in July. We had both been listed as single before (we got married in 2017 and neither of us thought to update) and now we are both listed as married, so I am actually wondering if we should change back to the single rate or we may owe next year. I think withholding at a higher rate for the first half of 2018 probably helped us a lot. We also have never itemized so I think perhaps the changes didn't affect us as much as those who previously benefited from deductions.
I am very curious if these tax laws will stay as they are in the future. It seems so many people are being harmed by them. Granted I live in a bit of a bubble, but I have yet to hear of anyone who is thrilled about their big tax break this year. It seems to all be stories of people owing more than normal.
The laws that provide a measly benefit to the lower/middle class will expire in a few years however the laws that greatly benefit the very wealthy ARE PERMANENT.